Morning Comments June 5, 2018

Tuesday, June 5, 2018, 8:06 AM
Submitted by: Landus Cooperative

Opening Calls:

Corn up 3

Beans up 2


Yesterday, the July corn contract closed 10 3/4 cents lower, settling at $3.80 3/4, and the December contract closed 10 ½ cents lower, closing at $4.01 1/4. The corn market took a beating yesterday as talks with China over the weekend ended with no resolution, and the EU, Mexico, and Canada all announced additional tariffs on U.S. agricultural products in retaliation to the steel and aluminum tariffs. Mexico announced 20% import tariff on U.S. pork, sending hogs sharply lower yesterday. Crop ratings were released yesterday afternoon, and corn dropped 1% but remained with a near record high of 78% in the good to excellent rating.

The July bean contract closed 19 3/4 cents lower yesterday, settling at $10.01 3/4, and the November contract was 18 1/4 cents lower, settling at $10.19 1/2. Again trade talks faltered with China over the weekend and beans fell sharply lower, and many in the trade are becoming concerned that there could be additional tariffs imposed on China by the U.S., adding pressure to beans. The first crop conditions rating came out on beans yesterday, and 75% of beans are in the good to excellent rating, tying 2010 for the best opening rating ever. With no immediate weather threats, it’s tough to be a bull until trade is resolved.



Chart compliments of Advance Trading

Conditions    (Good + Excellent)

Corn Conditions

G/E: 78% TW vs. 79% LW, 68% LY

Soybean Conditions

G/E: 75% TW vs. NA LW, NA LY

Winter Wheat Conditions

G/E: 37% TW vs. 38% LW, 49% LY

Spring Wheat Conditions

G/E: 70% TW vs. NA LW, 55% LY

Crop Progress Summary

Corn Planted

97% TW vs. 92% LW, 95% LY, 95% AVG

Corn Emerged

86% TW vs. 72% LW, 84% LY, 83% AVG

Soybean Planted

87% TW vs. 77% LW, 81% LY, 75% AVG

Soybean Emerged

68% TW vs. 47% LW, 55% LY, 52% AVG

Milo Planted

61% TW vs. 49% LW, 53% LY, 54% AVG

Winter Wheat Headed

83% TW vs. 73% LW, 86% LY, 83% AVG

Winter Wheat Harvested

5% TW vs. (NA)% LW, 9% LY, 4% AVG

Spring Wheat Planted

97% TW vs. 91% LW, 99% LY, 94% AVG

Spring Wheat Emerged

81% TW vs. 63% LW, 88% LY, 82% AVG




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Ames, IA 50010
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